China Real Estate Weekly: Shanghai Home Sales Rise Strongly

October 16 – Property sales in China's 41 largest cities rose 100% week on week in the week through October 13 due to the low base in the previous week that included a weeklong holiday, UBS said in its Morning Expresso Asia report.

October 16 – Property sales in Shanghai totaled 16.41 million square meters including 14.03 million square meters of residential properties in the first 9 months, up 33.4% and 29.4% respectively from a year earlier, according to the local statistics bureau.

October 16 – New home sales in Shanghai totaled 362,400 square meters at an average price of 23,682 yuan/square meter in the week through October 13, up 122% and down 0.3% respectively from the previous week, according to joint data from Ehoussee.com and Youwin.com.cn. The sales volume was the second highest level in 28 weeks.

October 16 – Vacancy rate of Grade A office buildings in Beijing dropped to 3.5% in Q3 2013, up 0.7 percentage points from a quarter earlier and up 0.6 percentage points from a year earlier, Savills said.

October 15 – Property sales in 8 key Chinese cities tracked by JPMorgan averaged 3,202 units per day in the week through October 13, up 15% from the previous week. JPMorgan expects daily sales volume to remain above 3,000 units in the coming few weeks.

October 15 – China's property sales volume surged in the week through October 13 as transactions were delayed from the National Day holiday into the week, with flat average selling prices, CICC said in a research report. Of the 16 cities it monitored, 15 posted week on week increases and 1 reported a decrease. Sales volume in the 16 cities in the first 2 weeks in October declined 11% from the same period of a month earlier.

October 15 – Land auction proceeds in Guangzhou totaled 55.99 billion yuan in the first 9 months, the highest level during the same period in 5 years, according to the local land authority. The city government auctioned 128 blocks covering 7.46 millions square meters over the past 9 months.

October 14 – The housing regulator in Shenzhen plans to raise down payment and mortgage interest rates for second-home buyers in a bid to check surging asset prices, China Business News reported.

October 14 – Housing prices rose 2.6% in September from a year earlier, according to the National Bureau of Statistics. Rental costs were up 4.4% year on year, and construction and building material costs were up 1.4% year on year.

October 11 – China started building 6.2 million homes for low income earners and finished building 4.1 million such homes in the first 9 months, according to the Ministry of Housing and Urban-Rural development. China has invested 820 billion yuan in this project during the period.

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